Mazorro Resources Inc.

Mazorro Resources Inc.

November 06, 2009 15:02 ET

Mazorro Resources Announces Closing of Fully-Subscribed Private Placement Offering

OTTAWA, ONTARIO--(Marketwire - Nov. 6, 2009) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO) (FRANKFURT:JAM) announces the closing of a non-brokered private placement offering (the "Offering") for gross proceeds of $300,000.

The Offering consisted of the issuance of 4,000,063 units (the "Units") at a price of $0.075 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant exercisable for two years from closing. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.10. The warrants are callable by the Company on the 30th calendar day following notice that the Company's common shares have traded on the Toronto Venture Exchange at or equal to $0.25 per share for a period of 10 consecutive trading days after the expiry of applicable hold periods.
A finder's fee was also payable to an individual in connection with a portion of this private placement consisting of 266,000 common shares and 266,000 non-transferable common share purchase warrants having the same features described above.

All securities issued in the Offering will be subject to a four month hold period from the closing date of the Offering which will expire on March 7, 2010. Completion of this Offering is subject to TSX Venture Exchange acceptance.

The funds raised pursuant to the Offering will be used for general working capital requirements and for potential new resource property acquisitions.

Subsequent to the closing of this Offering Mazorro has 21,784,395 common shares outstanding.

Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the time and success of future exploration, development and production activities and the timing and amount of expenditures.

Contact Information

  • Mazorro Resources Inc.
    Andre Audet
    Interim President & CEO